Budget 2017 highlights – Relief for Common Man

Nutan Gupta

02 Feb 2017

Finance Minister Arun Jaitley announced the Budget 2017 and it has a lot in store for the common man. The main focus of the government remains to turn India into a cashless economy and eradicate poverty. Here are some announcements made by Jaitley and its effect on the common man:

  • No cash transactions above Rs. 3 lakh

  • Jaitley reduces existing income tax rate for individuals with income between Rs. 2.5 lakh to 5 lakh to 5% from 10%

  • Zero tax liability for people with annual income of Rs. 3 lakh.

  • Surcharge of 10% on individuals earning between Rs. 50 lakh to Rs. 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate

  • 15% surcharge on income above Rs. 1 crore to continue

  • The government reiterates its commitment to cleaning up the system by decreasing cash transactions in the system.

  • Cap of Rs. 2000 on single cash donations to political parties, suggests that the RBI act will be amended to issue electoral bond which can be redeemed by political parties. What this means is that a person who wants to make a donation to a political party can buy bonds against bank transactions in the form of cheques and digital payment which would then be redeemable as they mature. This could be a potential game changer about how politics are funded in the country and in the investment people make in their leadership

  • Aadhaar based payment to come soon, that means the aadhaar machine that reads thumb prints and transfers money via aadhaar linked bank accounts. The machines cost only Rs. 2000, if that happens, it will a huge lift for cashless transactions

  • 1 crore households to be brought out of poverty by 2019

  • Long term capital gains tax remain untouched, Nifty and Sensex surge by 155 points and 486 points respectively.

For more budget related highlights, click here


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Budget 2017 highlights – Relief for Common Man

by Santosh Jayram | Feb 02, 2017

Finance Minister Arun Jaitley announced the Budget 2017 and it has a lot in store for the common man. The main focus of the government remains to turn India into a cashless economy and eradicate poverty. Here are some announcements made by Jaitley and its effect on the common man:

  • No cash transactions above Rs. 3 lakh

  • Jaitley reduces existing income tax rate for individuals with income between Rs. 2.5 lakh to 5 lakh to 5% from 10%

  • Zero tax liability for people with annual income of Rs. 3 lakh.

  • Surcharge of 10% on individuals earning between Rs. 50 lakh to Rs. 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate

  • 15% surcharge on income above Rs. 1 crore to continue

  • The government reiterates its commitment to cleaning up the system by decreasing cash transactions in the system.

  • Cap of Rs. 2000 on single cash donations to political parties, suggests that the RBI act will be amended to issue electoral bond which can be redeemed by political parties. What this means is that a person who wants to make a donation to a political party can buy bonds against bank transactions in the form of cheques and digital payment which would then be redeemable as they mature. This could be a potential game changer about how politics are funded in the country and in the investment people make in their leadership

  • Aadhaar based payment to come soon, that means the aadhaar machine that reads thumb prints and transfers money via aadhaar linked bank accounts. The machines cost only Rs. 2000, if that happens, it will a huge lift for cashless transactions

  • 1 crore households to be brought out of poverty by 2019

  • Long term capital gains tax remain untouched, Nifty and Sensex surge by 155 points and 486 points respectively.

For more budget related highlights, click here

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